The Bitcoin price remains volatile – the bears can still defend the $ 20,000 mark. The most important BTC price targets and the status quo of Bitcoin dominance.
The Bitcoin price has barely changed in a weekly comparison and has continued to trade above 19,000 US dollars since the last price analysis
The battle between bulls and bears starts a new round just below the all-time high. The first attempt to reach the old all-time high was repulsed by the bears on November 25th. As a result, the Bitcoin price fell significantly by $ 3,200. As already mentioned in the last analysis, there was another bullish counterattack only in the support area at 16,267 US dollars.
From here, the bulls launched a new attack attempt and bought Bitcoin again high towards the 2017 all-time high of $ 19,885. This price mark was surpassed for a short time yesterday, Tuesday, December 1st, and a new all-time high was established at 19,915 US dollars. A short time later, a lack of follow-up purchases and a bearish counterattack led to another sale of the key currency back to 18,089 US dollars.
The bears could not develop the same selling pressure again as in the previous week. For the time being, a higher high and higher low is forming above the EMA20 (red). However, bearish divergences are again evident in the RSI and MACD indicators. Today, Wednesday morning, the current daily candle moved within the range of the previous day at currently 19,119 US dollars, which is to be assessed as neutral.
Bullish scenario (Bitcoin price)
Investors‘ buying interest can still be described as strong. Although the volume has been decreasing in the last few days, as long as the BTC rate can stay above the EMA20 at the daily closing rate, there are definitely further chances of a breakout above the all-time high. If the bulls manage to move the reserve currency dynamically above 19,915 US dollars and let it rise to 20,089 US dollars, the chances of a sustainable breakout improve noticeably. If this resistance area is overrun with high volume at the daily closing price, a march through to the 200 Fibonacci extension at $ 21,113 should be planned. If this resistance is overcome dynamically, a follow-up movement of up to 23,887 US dollars is also conceivable. The maximum price target is initially the resistance at 26. 664 US dollars (261 Fibonacci retracment). If the BTC price does not turn significantly downwards at this resistance either, a price target in the area of 35,074 US dollars cannot be ruled out for 2021.